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Monday, 23 November 2015

MCX NICKEL NEWS

Nickel settled down -3.07% at 574.4 as prices seen under pressure as China's slowing growth, and a poor outlook for its struggling steel sector ramped up pressure on the glut-hit metal.

Chinese steel demand shrank around 6 percent in January-October, according to the China Iron and Steel Association.

Global nickel markets ended in small deficit of 39,000 tonnes in January-September 2015 with apparent demand exceeding production. The calculated full year surplus had stood at 241,800 tonnes in the whole of 2014, according to the latest data released by the World Bureau of Metal Statistics (WBMS).

The statistics indicate that that reported stockpiles maintained by LME were 37,700 tonnes higher at the end of September this year from the closing levels of 2014. World Nickel mine production was 1,404 kt in January-September 2015, 118 kt lower when compared with the corresponding period during previous year. The ban on exports by Indonesian administration has led to reduced mine output from the country.Trading Ideas: Nickel trading range for the day is 555.3-607.9. Nickel prices ended with losses as China's slowing growth, and a poor outlook for its struggling steel sector ramped up pressure on the glut-hit metal.Global nickel markets ended in small deficit of 39,000 tonnes in January-September 2015 with apparent demand exceeding production. Chinese steel demand shrank around 6 percent in January-October, according to the China Iron and Steel Association.

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